Updated August 3, 2020 - 12:10 pm
MGM Resorts International’s sports betting brand has become the official betting operator of the PGA Tour, one of the most popular offerings on its platform.
BetMGM signed a multiyear content and marketing relationship with the tour, gaining the rights to use PGA Tour marks and advertise within its media and partner platforms, as well as content and video rights that allow BetMGM sportsbooks to create pregame and postgame betting programming. The platform also gains the ability to distribute highlights to bettors.
Norb Gambuzza, senior vice president of media and gaming for PGA Tour, said the new relationship is meant to help the tour organizer accelerate its sports betting strategy.
“(This will) enable the TOUR to reach new fans and further engage current fans who enjoy betting on golf,” Gambuzza said in a Monday news release.
Matt Prevost, BetMGM chief marketing officer, added that “BetMGM’s advanced betting technology, combined with the PGA TOUR’s world-class competitions and iconic players, will not only advance the TOUR’s position at the forefront of professional sports, but the entire betting industry as well.”
The BetMGM mobile app is available on iOS and Android, and is licensed for sports betting in Colorado, Indiana, Michigan, Mississippi, New Jersey, Nevada and West Virginia. It is expected to be in 11 states by the end of the year.
The platform has inked a number of partnerships in recent months, including deals with the Denver Broncos, the National Lacrosse League, Yahoo Sports and Buffalo Wild Wings.
In a July 30 earnings call, MGM CEO Bill Hornbuckle said the company will continue to focus on growth opportunities within sports betting.
MGM, along with sports betting company GVC holdings, recently committed an additional $250 million in capital to jointly-owned BetMGM as the mobile sports betting market shows strong momentum during the pandemic. Total investments have reached $450 million.
According to Hornbuckle, BetMGM is on track to generate over $130 million of net revenues this year.
“(These investments) demonstrates our continued commitment to positioning BetMGM as a leader in sports betting and iGaming,” Hornbuckle said during the call. “We believe BetMGM will allow us to more frequently engage with our guests and drive deeper loyalty to the MGM brand.”
MGM shares were up 2 percent Monday at noon to $16.44 on the New York Stock Exchange.